UAE daily stock market reports for Abu Dhabi Securities Market (ADSM) and Dubai Financial Market (DFM) - RSS feed

Monday, April 30, 2007

UAE markets 30 Apr 2007

UAE market news & discussions for 30 April 2007

As sure as eggs are eggs, we got the usual commentary from the eggheads about the Deyaar IPO sucking liquidity out of the market yesterday. The Times (UK) reported that DP World were considering a partial IPO worth AED 7 billion. DP World declined to comment. What will be said about liquidity if that goes ahead?

Tabreed announced 2007 Q1 profit of AED 31m which implies an expensive looking forward PE of about 28. Other companies with first quarter results released today included Oasis Leasing, MashreqBank, Qatar Telecom, Gulf Navigation, Commerical Bank International, National Corporation for Tourism and Hotels, Gulf Finance House, and Global Investment House. Emirates Driving Company claims no knowledge of why there was a sharp increase in share price on high volumes yesterday. Dana AGM yesterday declared no dividend. Etisalat announced they bought another 20% of Atlantic Telecom. GCEM once again trumped the list of actively traded shares on another huge increase. Surely it's time for the market regulator to make more than a token effort at questioning this extraordinary behaviour?

Dubai Financial Market and Abu Dhabi Securities Market index for 30 April 2007

More UAE stock market news and discussions...

best stock rises
symbol price change
QCEM 2.34 +0.20 +9.3%
RAKCEC 4.24 +0.35 +9%
GCEM 7.10 +0.55 +8.4%
OEIHC 19.85 +1.45 +7.9%
QTEL 230.00 +15.00 +7%
worst stock falls
symbol price change
PALTEL 30.00 -3.00 -9.1%
NCC 9.72 -0.45 -4.4%
DRIVE 1.87 -0.09 -4.6%
NCTH 3.97 -0.13 -3.2%
GGICO 5.84 -0.18 -3%
top volume
symbol value (AED) price
DFM142,329,7592.55
GCEM138,434,3967.10
GULFNAV133,351,4061.12
TAMWEEL112,561,4423.48
EMAAR65,943,59510.75

Dubai Financial Market

DFM didn't look encouraging today with an initial slight fall, but just towards the end of trading, the index picked up with a 0.4% increase to 3821 by the end of the session. Total traded value was a moderate AED 622m. Emaar Properties PJSC (EMAAR) seems to be falling off the market radar with no change in price and only 66m dhs worth of trading.

Big move for DFM shares which rose 6.9% to 2.65 on solid volumes, Tamweel PJSC (TAMWEEL) not far behind with a 5% rise to 3.57. And in third place for increase on active trading was GULFNAV up 3.7% to 1.13. Amlak Finance Company (AMLAK), Union Properties PJSC (UPP), and National General Cooling Company PJSC (TABREED) rose 1-2%, other rises on active trading were less than 1%.

Only three falls of note - Aramex PJSC (ARMX) down 0.5%, Dubai Investments PJSC (DIC) down 0.7%, and Islamic Arab Insurance Company PSC (IAIC) down 1.1%.

Abu Dhabi Securities Market

ADSM rose slightly by 0.13% to close at 3053 points. Total value of 314m dhs comprised a staggering 140m dhs worth in Gulf Cement Company (GCEM), with yet another huge rise of 8.4% today to close at 7.10. Notably, 6 out of the top 10 rises today were building industry related (all increasing by more than 5%), including 4 cement companies but on light to insignificant trading volumes. Ras Al Khaimah Cement Company (RAKCC) was up only 1% but on moderately active trading volume.

Other notable rises for ADNH up 5.7% with 5.8m dhs of trading, AKIC up 4.5% from 9m dhs of trading, and Sudan Telecom Company Ltd (SUDATEL) up 2% from 9.8m dhs worth. Sorouh Real Estate (SOROUH), Abu Dhabi National Energy Company (TAQA), Union National Bank (UNB), and Aldar Properties PJSC (ALDAR) rose less than 1%.

DRIVE fell 4.6% after the big rise yesterday but volume was down to just 1m dhs worth. Finance House PJSC (FH) fell 2.4% on a busier than normal 2.3m dhs worth. Abu Dhabi Islamic Bank (ADIB) down 2.3% from 16m dhs worth. No other significant falls. Ras Al Khaimah Properties PJSC (RAKPROP), Emirates Telecommunications Company (ETISALAT), Abu Dhabi Commercial Bank (ADCB), ARKAN, Aabar Petroleum Investments Company PJSC (AABAR), Dana Gas PJSC (DANA) all fell less than 1%.

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